Automotive segment to drive UMW's performance in H2 - MIDA | Malaysian Investment Development Authority
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Automotive segment to drive UMW’s performance in H2

Automotive segment to drive UMW’s performance in H2

05 Aug 2020

UMW Holdings Bhd (UMW) is looking forward to an improved financial performance in the second half (H2) of 2020, spearheaded by its automotive segment following encouraging sales achieved by UMW Toyota Motor (UMWT) and its 38 per cent-associate company Perodua in July.

UMW acting president and group chief executive officer Azmin Che Yusoff said both UMWT and Perodua staged a strong recovery following disruptions to sales earlier this year due to COVID-19.

“We are thankful to the government for introducing economic stimulus packages and implementing sales tax exemption to boost the automotive industry in Malaysia.

“With these measures in place, we are confident of achieving our sales targets for the year,” he said in a statement today.

UMWT sold 7,509 units in July, its highest for the year, and 70.0 per cent more than the 4,417 units registered in June.

Toyota Vios continued to be its best-selling model in July, contributing about 34 per cent of total sales.

Earlier in June, UMWT introduced the all-new fifth generation Toyota RAV4, a fully-imported sports utility vehicle from Japan.

Meanwhile, July marked Perodua’s highest monthly sales for the year, with registered sales of 23,203 vehicles, a 9.2 per cent increase from the 21,250 units sold in June.

Perodua is also increasing production at both its assembly plants to meet the strong demand.

UMW said consistent with the increase in vehicle sales, the group’s manufacturing and engineering segment is also seeing rising demand for auto components and lubricants from both the original equipment manufacturer and replacement equipment manufacturer markets.

The lubricants business in China had returned to pre-COVID-19 level, it added.

Source: Bernama